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The flashing red light is indicating that it is building the RAID5 parity information. If there is an alternating amber/blue lights on one of the drives blinking back and forth with the red light it is indicating that it is building/rebuilding the RAID5.
It seems that you have a problem with the disk-drive inside the case. If it still is under warranty, exercise the warranty to get it replaced.
If not, then disassemble the case, and remove the disk-drive.
Connect it as a "slave" disk-drive inside a desktop computer,
to see if it can be read. If not, then it is "dead".
You could buy an identical disk-drive, and put it inside the case,
to construct a "new" external disk-drive.
Try to remove the internal drive from enclosure and connect directly to PC. Does it show up this way? Does it make any new clicking/knocking/whirring/grinding sounds like any of these: http://datacent.com/hard_drive_sounds.php ?
My nx2 is working again after having the "red light/blue light/I/O Error" problem. I just:
1. turned off my computer
2.unplugged the HD,
3. took out the HD from the enclosure and plugged it back into the enclosure,
4.started up my computer without the HD being plugged in
5. after my computer had been on for a minute, I plugged the HD in and my computer recognized it and had the proper mixture of red and blue light coming from the HD, indicating it's working properly.
This problem suggests either a problem with the enclosure electronics or your drive is having electrical/physical problems.
First thing I would do is:
If running Win2K, WinXP or Vista, check the System event log for errors relating to the "Disk".
If no errors, try another USB port or another computer. See what happens.
The Blue light is power, the red light is activity, a constant red light means interface problems (as noted above).
There are more troubleshooting procedures after the above, but for now they are a bit premature (and lengthy).
Let me know what happens.
"Beta tester of "0"s and "1's"